Dividend Stocks, the New Nifty 50?

While central banks' policies inflate a bubble in income equities, a nervous bull says the greater risk is not to buy them.

Nifty Fifty. It's a phrase out of stock-market history, one familiar to most of today's investors only from history books, but an indelible memory to those who were active in the markets back in the 1960s and 1970s.

They were so-called one-decision stocks you were supposed to buy and put away forever because these supposedly elite growth companies would continue to grow no matter what. As a result, no price-earnings multiple was too...